New Brunswick Income Tax Brackets Changes
The income tax rates in New Brunswick remain unchanged for 2024. The tax brackets were increased by an indexation factor of 1.047, based on the CPI (Consumer Price Index). The revision to the income tax brackets is outlined in the table below.
New Brunswick Provincial Income Tax Changes 2024
| 2023 | 2024 | Rate |
|---|---|---|
| Up to $47,715 | Up to $49,958 | 9.4% |
| $47,716 to $95,431 | $49,959 to $99,916 | 14.0% |
| $95,432 to $176,756 | $99,917 to $185,064 | 16.0% |
| More than $176,756 | More than $185,064 | 19.5% |
Source: Canada Revenue Agency
The basic personal amount for 2024 in New Brunswick is $13,044. The basic personal amount is the amount on which you are not required to pay any tax. You will not owe any provincial income tax if your income is lower than the basic personal amount. If your income is more than the basic personal amount, you can subtract the tax on this amount from the total income tax calculated. The following table outlines the changes to personal tax credit amounts from 2023 to 2024.
New Brunswick Personal Tax Credits 2023 - 2024
| 2023 | 2024 | |
|---|---|---|
| Basic Personal Amount | $12,458 | $13,044 |
| Maximum Spouse/Common-Law Partner Amount | $9,764 | $11,246 |
Source: Canada Revenue Agency
New Brunswick Low-Income Tax Reduction
Low-Income Tax Reduction was implemented in the province in 2001, with the aim to reduce the tax payable for low-income individuals and families. The low-income tax reduction provides a non-refundable tax credit depending on your income. For 2023, you are eligible for this tax credit if your income is less than $45,252 or your family income is less than $70,118.
You can claim an amount of up to $746 for yourself. Additionally, you can claim an amount of $746 if you have an eligible spouse/common-law partner, plus $746 for an eligible dependant. The maximum reduction that can be claimed is $1,492.
The income threshold is $20,385. This means if your income exceeds this amount, you will receive a reduced credit, calculated using a phase-out rate of 3%.
New Brunswick Low-Income Seniors' Benefit
Those receiving the Guaranteed Income Supplement (GIS), Allowance for Survivor Program, or the Allowance Program are eligible for a $400 benefit. Only one benefit will be granted if both spouses are eligible and reside in one household. However, spouses living separately will both be eligible for the benefit.
Other Credits in New Brunswick
There are several other credits available to residents of New Brunswick that can reduce the income tax you owe, such as:
- Age amount
- Disability Amount
- Caregiver Amount
- Medical Expense Credit
- NB Political Contribution Tax Credit
- NB Small Business Investor Tax Credit
The list of other credits available in New Brunswick can be found on the New Brunswick government website’s Personal Income Tax page.